First Card?

Hello all

I've gotten a new job recently, decent salary etc and thought its probably time to get a credit card, eventually to get mortgage etc.

I went on Experian, apparently my credit is excellent and I've been pre-approved for a NatWest card with a £5,000 limit (amongst others)!

I do have an above average salary, live at home with no dependents or other financial commitments, so perhaps "on paper" I'm a good bet but I can't imagine anyone's gonna give me a £5k credit card straight off the bat!


Naturally, this can't be right, I've never had a credit card before, only a current account for about 14 years, which actually was overdrawn a couple times (but always paid off). 


I'm not sure where to start with an actual, realistic, application where I can get a credit card. Dont want to apply and get rejected before I've even started.

Any tips?







Comments

  • TimSynths
    TimSynths Posts: 603 Forumite
    500 Posts Third Anniversary Name Dropper Photogenic
    Since you are already here why not simply use MSE?

    Credit Card Eligibility Calculator (moneysavingexpert.com)
  • CliveOfIndia
    CliveOfIndia Posts: 2,408 Forumite
    1,000 Posts Second Anniversary Name Dropper
    As above, try an eligibility checker.  Although it's worth mentioning that if you go a lender's own eligibility checker this can give a slightly more accurate indication.  But do remember it's still only an indication - you won't know for sure until your application is processed.
    You're likely to be limited to a credit-builder card initially until you've got a bit of history under your belt: https://www.moneysavingexpert.com/credit-cards/credit-builder/
    It can sometimes be worth approaching your own bank as well.  In the absence of any other data, they can at least see how you've been managing your finances with them.  But a credit-builder card is usually the way to go.
    nebula89 said:


    I went on Experian, apparently my credit is excellent and I've been pre-approved for a NatWest card with a £5,000 limit (amongst others)!


    Naturally, this can't be right, I've never had a credit card before



    Which just goes to show what a load of nonsense the CRA's assessment of your credit-worthiness is.  Ignore whatever Experian tells you - after all, they're not the ones lending you the money.


  • daivid
    daivid Posts: 1,285 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Just use the eligibility calculator of the provider go for one with a very strong likelihood of acceptance. There are other things (often overlooked) that may contribute to your credit history: mobile phone contracts, managing an overdraft, any subscription you may have. £5k limit is very much possible. My first ever card was Halifax Clarity with £4200 limit, at the time I was earning about £8k pa, however I had a reasonably long and entirely positive history with Halifax. 
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